MicroStrategy, a business intelligence company, has announced the closing of its $500 million offering of senior secured notes due 2028. According to an announcement, the notes were sold at an annual rate of 6.125% in a private offering to qualified institutional buyers.
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MicroStrategy plans to use the net proceeds from the sale of the notes to purchase more bitcoin (EXANTE: Bitcoin). As of press time, 92,079 bitcoins are being held by a newly formed subsidiary, MacroStrategy LLC. Initially, MicroStrategy wanted to attract $400 million. However, soon the company decided to increase the offering by $100 million.
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